As we mark the third anniversary of the Abraham Accords on Sept. 15, we witness the profound transformations that have unfolded in the Middle East. The partnership between the United Arab Emirates (UAE), Bahrain, and Israel laid the foundation for a new era of peace and prosperity in the region. The UAE embarked on an ambitious journey to diversify its economy, pivoting away from oil dependency and embracing a future rooted in knowledge-based innovation.
Dubai, in particular, is rapidly emerging as a pivotal global business hub for Israeli enterprises. The increasing presence of Israeli companies in Dubai is reflected in the remarkable increase in new Israeli company registrations in DMCC, the world’s leading free zone, since the beginning of this year. Trade between Israel and the UAE has also witnessed significant growth, reaching a value of over US$1.29 billion in the first five months of 2023.
Trade has been growing in sectors such as precious metals and stones, financial services, technology, and telecommunications. This diversification augurs well for shared economic growth and sets the stage for further expansion of Israeli companies into previously inaccessible markets. Israel’s global reputation for innovation finds fertile ground in Dubai, positioning the city as a key entry point for Israeli industries into the region.
The Abraham Accords have unleashed a wave of business opportunities, positioning the UAE as a gateway for Israeli enterprises to access global markets. Dubai’s reputation as a global business hub provides Israeli entrepreneurs with a platform to explore new markets, foster cross-cultural partnerships, and tap into a diverse pool of talent. This collaboration not only fosters economic growth but also enables cultural and knowledge exchange in areas such as artificial intelligence, renewable energy, and healthcare.
The Accords have marked a turning point in the region’s history, setting the stage for transformative opportunities across sectors. As we enter the fourth year of this remarkable journey, the potential for further achievements is vast.